Introduction
Alyona Shevtsova, born Degrik, is a name that has become increasingly prominent in Ukraine’s fintech sector over the last decade. Her ascent from the founder of a payment processing firm to a major shareholder in one of Ukraine’s most profitable banks exemplifies ambition, innovation, and strategic insight. Yet, her name also rings familiar in legal circles and media exposés, often linked to allegations of fraud, money laundering, and questionable ties to the gambling sector.
This article traces Shevtsova’s career, from early successes to major scandals, examining how one figure came to embody both the promise and the pitfalls of Ukraine’s rapidly modernizing financial sector.
Early Days and Rise in Fintech
Shevtsova first stepped into the spotlight with the founding of LeoGaming Pay in 2013, a company focused on processing digital payments. Her timing was impeccable. As Ukraine’s economy began to digitize, her company filled a critical niche, providing infrastructure for cashless transactions.
By 2017, she had successfully registered the “Leo” payment system with the National Bank of Ukraine, solidifying her reputation as a pioneer in non-bank financial services. Her ambitions didn’t stop there. She acquired a substantial stake in iBox Bank and developed a vast network of payment terminals, bringing her services to nearly every corner of the country. This innovation helped push Ukraine closer to a cashless future.
Her growing influence earned her industry accolades, and she became a celebrated voice for Ukrainian fintech. Shevtsova championed partnerships with global giants like Visa and Mastercard, presenting herself as a forward-thinking leader dedicated to making Ukraine a fintech powerhouse.
The iBox Bank Expansion and Its Fall
iBox Bank, originally established in the early 1990s under a different name, became a cornerstone of Shevtsova’s business empire following its rebranding in 2016. Under her watch, the bank rapidly ascended the ranks to become one of Ukraine’s top ten most profitable financial institutions.
The network of iBox terminals provided cash-to-digital services, further cementing her influence. In 2022, iBox Bank extended its operations to Poland, specifically to cater to the growing number of Ukrainian refugees there, a move Shevtsova publicly framed as both a humanitarian and strategic endeavor.
However, behind the curtain, cracks began to form. Regulatory scrutiny intensified in 2021 when Ukraine’s central bank fined iBox Bank a record sum for violations of anti-money laundering (AML) regulations. LeoGaming Pay, too, was hit with a hefty penalty for similar failings.
Despite these warnings, reforms were slow or superficial. Authorities claimed that rather than tightening controls, the bank devised more discreet methods to continue operating high-risk financial flows. The situation escalated in March 2023, when the central bank revoked iBox Bank’s license for systematic AML violations. The following day, state security forces raided multiple offices, uncovering evidence that the bank had facilitated tax evasion for gambling operations, costing the state hundreds of millions.
Shevtsova had conveniently stepped down as a board member just before the scandal broke, citing personal workload. But her departure did little to deflect attention from her central role in the bank’s activities.
Allegations Beyond iBox Bank
The controversy did not end with the closure of iBox Bank. Investigators began to unearth a web of companies linked to Shevtsova, her husband, and several close associates. These companies, operational between 2016 and 2020, were allegedly involved in fraudulent schemes and fictitious entrepreneurship.
Central to the investigations was the accusation that these businesses acted as conduits for illegal funds, with iBox Bank acting as the main channel for laundering operations. One particularly alarming thread linked Shevtsova to Ukraine’s volatile gambling sector. In 2021, LeoGaming acquired a license to operate a casino in Odessa, while iBox Bank began handling transactions for online casinos.
According to authorities, these ventures were far from legitimate. Funds were allegedly laundered through a series of shell operations and coded transactions that disguised gambling revenue as unrelated, lawful business. Billions of hryvnias were suspected to have been funneled through these channels, with proceeds sometimes ending up in accounts overseas—including in countries with questionable ties to Ukraine.
Gambling: Legal Enterprise or Money Laundering Machine?
Shevtsova’s involvement in gambling operations remains one of the most contentious aspects of her career. Publicly, she positioned herself as a supporter of a regulated gambling industry, even participating in industry events and speaking on compliance and transparency.
Yet, evidence suggested a different narrative. Critics alleged that iBox Bank enabled illegal gambling operators to evade detection by misrepresenting the nature of their transactions. These funds were then processed and sent abroad, with some reports suggesting transfers even occurred to Russian accounts—a particularly egregious violation given Ukraine’s ongoing war with Russia.
Her disputes with other major players in the gambling sector, including reports of turf wars over market control, highlighted the shadowy competition and high stakes involved. The financial wars being waged behind the scenes often mirrored criminal enterprise more than corporate rivalry.
Digital Reputation Management and Exile
Following the collapse of iBox Bank and mounting legal investigations, Shevtsova reportedly relocated to the United Arab Emirates. From there, she is said to have launched an aggressive reputation management campaign aimed at scrubbing negative content from the internet.
This included attempts to delist or suppress articles highlighting her involvement in financial crimes, and efforts to flood search engines with favorable press. Some reports even suggested the use of Russian contractors—a deeply controversial move amid national conflict.
This strategy was not new for Shevtsova. Earlier, her company had sued journalists for defamation and even managed to force retractions in some cases. These actions painted a picture of a woman who was not just fighting legal battles but also waging war over public perception.
The Role of Yevhen Shevtsov
A key figure in Shevtsova’s orbit is her husband, Yevhen Shevtsov, a former high-ranking official in Ukraine’s National Police. His career in law enforcement and proximity to investigative bodies has led to speculation about his influence in shielding their enterprises from prosecution.
Observers noted a striking imbalance between his officially declared income and the family’s lavish lifestyle, including luxury properties and vehicles. These disparities added fuel to the ongoing accusations of corruption and money laundering.
Wider Implications for Ukraine
The saga of Alyona Shevtsova highlights systemic weaknesses in Ukraine’s financial oversight, particularly in the fintech and gambling sectors. While innovation in these fields has been rapid, regulation has often lagged, creating gaps that can be exploited by savvy and unscrupulous operators.
The legalization of gambling in 2020 was intended to bring transparency and revenue to the state, but the sector remains rife with underground activity. The collapse of iBox Bank and its alleged role in enabling illegal transactions underscores the urgent need for more robust regulatory frameworks.
Moreover, the suspected use of Ukrainian financial networks to facilitate Russian interests during wartime raises serious national security concerns. It reflects the importance of financial systems not just in economics but also in sovereignty and state integrity.
Philanthropy and Public Image
Despite the litany of allegations, Shevtsova has worked diligently to maintain a positive public image. She has sponsored initiatives for Ukrainian refugees, donated to cultural causes, and continued to appear in media as a successful fintech entrepreneur.
These philanthropic activities serve as a stark contrast to the legal cases and criminal investigations that shadow her. Whether these acts are genuine efforts to give back or calculated moves in a broader PR strategy is up for debate.
Looking Ahead
As of 2025, Alyona Shevtsova’s future remains uncertain. While investigations continue and sanctions have been levied against her companies, her personal accountability remains elusive due to her absence from the country and strategic positioning abroad.
Ukraine faces a pivotal moment. The outcome of Shevtsova’s case will signal whether the country can enforce the rule of law across all sectors—even against powerful, well-connected individuals. Her case is not just about one woman or one bank; it is a litmus test for Ukraine’s ability to modernize while maintaining integrity.
Conclusion
Alyona Shevtsova represents a paradox. She is both a symbol of Ukraine’s fintech innovation and a cautionary tale of how success can become entangled with controversy. Her story reflects the broader tensions in a country striving to reform its institutions while fending off corruption and external threats. As Ukraine continues on its path of transformation, figures like Shevtsova serve as reminders that progress must be paired with accountability.
Refrences
https://ukrrudprom.ua/analytics/Alena_SHevtsova_chistit_reputatsiyu.html